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February 8, 2023
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Cryptocurrency Price Today: Is Cardano(ADA) Price Looking Out for a Bullish Breakout?

The post Cryptocurrency Price Today: Is Cardano(ADA) Price Looking Out for a Bullish Breakout? appeared first on Coinpedia Fintech News

Crypto prices today have been largely bullish with most of the tokens marking significant gains. Alongside, Cardano’s price also gained levels beyond $0.3 amid the bullish breakout that occurred during the past few days. With the breakout, the token is now flashing the possibility of gauging a war with the bears as they seem to be suppressed to a large extent. 

Will ADA price show up in the 2021-like bull rally again? Or it was just another spike to trap the bulls at higher levels?

The ADA price had a clear breakout in the short-term trade setup and is now testing new support levels which reside on 0.5 FIB levels. Moreover, the price is forming a cup & handle as well which highlights the possibility of a bullish breakout. 

Source

The next price target for the price of Cardano could be around the 4th resistance that collides around the levels of $0.38. However, the bearish could stand as a strong barrier at these levels, and hence the possibility of a significant drop hovers within the markets. In the case of the bearish scenario, the price may plunge back below $0.35 and consolidate at these levels for a while. Beyond this a bullish breakout appears imminent, raising the targets close to $0.4.

Besides, in the long term, the ADA price appears to be extremely bullish. The token is trading within a huge falling wedge and has already begun with a breakout. 

Trading View

The price has begun with a rebound and as the RSI is incremental, the probability of a giant price action appears to be high. However, the lowered volume is still a matter of concern but the recent bullish action displays a ray of hope. The Cardano(ADA) price needs to maintain within the bullish levels for another couple of weeks which may validate the upswing and hence continue to test the upper targets formed. 

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